The Latest Data Analysis Toolkit From CommBank

Each year the Research team at Canstar assess the innovative business products and services developed by Australian institutions. Each year we are impressed by the overall level of innovation in this country; this year Commonwealth Bank has impressed with their intuitive, sophisticated and elegant data analysis offering for businesses: CommBiz Daily IQ.

Q: Daily IQ will certainly offer businesses useful insights to help them make more informed decisions. Can you tell us about the research that went into identifying the need for this product?

A: Research on the needs of business customers indicated that demystifying data and turning it into useful insights is where the real value lies for Australian businesses. Unfortunately many businesses don?t have the time or expertise to achieve this due to the fact that obtaining data, analysing it and making sense of it all can prove to be a very difficult and costly exercise. All our business customers need and want is uncomplicated useful information to help them understand their current position, their customers and insights to help fuel growth.

We listened to our business customers and launched CommBiz Daily IQ, which puts the power of advanced “easy to understand” analytics in their hands. It allows them to make better informed decisions and drive better performance for their businesses. Approximately 40% of Australia?s consumer transactions pass through Commonwealth Bank?s systems every day. This vast volume of data enables us to understand consumer demographics and trends, purchasing behaviours and industry benchmarks.

Q: Daily IQ has a number of rich features and functionality such as cash flow analysis, forecasting, merchant insights and customer insights. Which features have businesses been enjoying using the most and have found to be the most beneficial?

A: Our customers using daily IQ thoroughly enjoy using all the features of the app, and you have some business types that find some features more useful than others. Overall they enjoy the fact that they can view cash flow trends instantly every day reportable in easy to use and view graphs. The cash flow features also shows daily sales and effectively demonstrates the busiest trade time of day and week which enables effective rostering of the right number of staff for the right shifts, eliminating any excess staff costs and idle time.

Some of our retailers really enjoy using the Merchant insights features as it enables them to better understand their customer demographics and their customer average spends which allows them to better develop relevant marketing packages which facilitates the growth of their business. These insights otherwise would be available only after manual extraction and days of analytical work.

Q: Can you tell us about any plans to develop the product further, or perhaps tell us about any future CommBiz products that customers can look forward to seeing?

A: More recently the Daily IQ app was enhanced with the delivery of two additional features:

(1) Trend Analysis enabling customers to assess their cash flow projections for the next week, month or year so that they can plan and stay one step ahead and

(2) Working Capital calculator which enables customers to understand the impact on their working capital as a result of changes to cash flow.

Furthermore, the merchant insights functionality will be available on Albert as we rollout this month. We are always looking at ways of improving and enhancing our service to our customers, and specifically for Daily IQ we have some exciting enhancements in the pipeline that will be coming to you shortly.

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Consider the product disclosure statement before making a purchase decision. Canstar provides an information service. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Statistics referenced on this page have been verified by Canstar Research. Research provided by Canstar Research AFSL and Australian Credit Licence No. 437917.